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european union and the government of cyprus has agreed on a euro package to salvage the countries tanks. many are still skeptical. a call for politicians to be held accountable. as this nation prepares to face years of austerity to meet the terms laid out by its international lenders. >> we will be going live to our correspondents in just a moment. first, this report. >> cyprus's a banks have been closed for 10 days now. the two mainlanders will be shut on thursday. smaller banks will open in the morning. the to be a bank holiday anyway. went ahead as planned. celebrations are muted. everyone knows there are hard times ahead. >> there is no other choice. i cannot say we rejoice, but if this is the only possible way, then i want to assure you that we will be very resilient. >> it is goodbye to the low-tax business model that attracted lots of money a broad, a huge number of inking jobs will go. the country's a second-biggest bank, lockheed, will be submerged into the bank of cyprus. that's a, too, will be radically structured. euros will remain frozen. 30% will be taken to help sor
, eyewitnesses said the rebels control strategic locations. foreign forces helping the government also suffered a defeat. the south african soldiers were tasked with guarding bangui. is himself a former soldier. ruleast few months of his were turbulent. his term is not up until 2016. rebels said they want to hold elections. there is still heavy fighting in bangui. a peaceful transition is not on the cards. >> paris musharraf has returned home from self-imposed exile, declaring he was to save the country. musharraf spent the past four years in london and dubai, but now wants to take part in elections this may. >> coming home may herald a comeback for musharraf. greeting supporters after stepping off his flight. i've come back, putting my life in danger, in order to save pakistan. >> not everyone in pakistan is happy he is home. the military man made many enemies as president. in 2008, musharraf was forced to quit amid political turmoil i. his political past could come back to haunt him. pakistan's teledyne hates musharraf because he supported george w. bush's war on terror hatesevision -- taliba
. meanwhile, at the finance ministry, the government has been holding talks with the imf, european central bank, and the european commission. progress on details of the bailout is slow. the majority of the issues on that paper to not call for any further work. there were two issues which will allow me not to go into any detail calling for greater quantification. >> the european commission books prepared to compromise. the biggest banks face a hair cut of 20% on deposits rather than 25%, a breakthrough that may be key to securing parliament's approval. >> we are following the story in cyprus and we are joined on the line. nathan, fill us in on the details of the possible deal. >> as we just heard, we understand there has been agreement between cyprus and the e.u. and imf at a 20% levy will be slapped on deposits of over 100,000 euros at the bank of cyprus, the biggest blunder in this country. 4% levy on deposits, the same amount as other lenders, which would include the much talked- about lackey bank. these pension funds, which we have heard so much about, which we also know were opposed by
the objective of the national government is, what the objective of the fed is, but we think that what can be a cure for the country's ills can be fatal to the small businessman. schoumacher: the carter administration reacted to the sky-high rates by imposing a limit on the amount of credit banks could offer. suddenly, the buying spree ended, and the fed was pulled off-course. they were forced to expand the money supply to rescue the plummeting economy. but in late 1980, the situation changed. the election of ronald reagan gave volcker the opportunity to return to his long-term plan. as part of his economic program, reagan encouraged and supported monetary restraint. but in 1981, restraint began to take its toll. high interest rates caused a collapse in the building industry. the high cost of consumer loans put auto dealers out of business and auto workers out of jobs. still, volcker held to his long-term course. consolidating and extending the heartening progress on inflation will require a continuing restraint on monetary growth, and we intend to maintain the necessary degree of restrain
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